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YOUR "COLLECTION SCORE"

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Is it better to apply for a mortgage now, knowing I'd have a snowball's chance in hades of being approved because my scores are all ~550, just to pull the trigger and get all the slimy cockroach CAs to come out of the woodwork? I'm inspired by all of the awesome stories of people rehabbing their credit in just a few months and buying a house. That is my goal. I can afford to deal with my creditors now; I just have to know what's out there lying in wait. Thoughts?

 

 

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Since CA's monitor credit report changes, pretty much anything can set them off. I applied for a $200 secured card just to have a positive tradeline, then a week later they pull my report and start calling/writing again. It's all more or less automated and they have it down to a science.

 

What's worse is when you are trying to lay low and someone fraudulently applies for credit cards under your name and THAT also sets off the collectors as "you must be doing ok if you are looking for credit" logic. Happened to me last x-mas, when a fraudster went on an app-o-rama with my information. Naturally, couple weeks later the same CA was doing a hard INQ on my report after getting alerted. Since my previous address was used for fraud ... I think I need to delete all of those off my credit report.

 

However, I came to realize that it might be best to just wait for the SOL and max out what little credit I have to make my score LOWER, and thus appear to be insolvent. My FICO is not going to jump unless I add lines above 5k anyway. It's not hard to do just pop a seasoned high limit authorized user account from a family member for 40-50 points, but why make myself a target for the CA ?

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Very useful thread. Thanks for the heads up.

 

Since CA's monitor credit report changes, pretty much anything can set them off. I applied for a $200 secured card just to have a positive tradeline, then a week later they pull my report and start calling/writing again. It's all more or less automated and they have it down to a science.

 

What's worse is when you are trying to lay low and someone fraudulently applies for credit cards under your name and THAT also sets off the collectors as "you must be doing ok if you are looking for credit" logic. Happened to me last x-mas, when a fraudster went on an app-o-rama with my information. Naturally, couple weeks later the same CA was doing a hard INQ on my report after getting alerted. Since my previous address was used for fraud ... I think I need to delete all of those off my credit report.

 

However, I came to realize that it might be best to just wait for the SOL and max out what little credit I have to make my score LOWER, and thus appear to be insolvent. My FICO is not going to jump unless I add lines above 5k anyway. It's not hard to do just pop a seasoned high limit authorized user account from a family member for 40-50 points, but why make myself a target for the CA ?

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Very useful thread. Thanks for the heads up.

 

Since CA's monitor credit report changes, pretty much anything can set them off. I applied for a $200 secured card just to have a positive tradeline, then a week later they pull my report and start calling/writing again. It's all more or less automated and they have it down to a science.

 

What's worse is when you are trying to lay low and someone fraudulently applies for credit cards under your name and THAT also sets off the collectors as "you must be doing ok if you are looking for credit" logic. Happened to me last x-mas, when a fraudster went on an app-o-rama with my information. Naturally, couple weeks later the same CA was doing a hard INQ on my report after getting alerted. Since my previous address was used for fraud ... I think I need to delete all of those off my credit report.

 

However, I came to realize that it might be best to just wait for the SOL and max out what little credit I have to make my score LOWER, and thus appear to be insolvent. My FICO is not going to jump unless I add lines above 5k anyway. It's not hard to do just pop a seasoned high limit authorized user account from a family member for 40-50 points, but why make myself a target for the CA ?

 

I applied for a car loan, a month later an OC files suit for a CO. I hadn't even disputed it yet due to SOL.

BE CAREFUL WHAT YOU STIR UP AND MAKE SURE YOUR READY!!!!!

 

 

Yeah I don't even care about the two collection agencies parking on my credit report. I'm only terrified of Sallie Mae coming after me for private loans IF I appear to have a high collect-ability score. It seems they stopped checking credit after start of 2011 cause I had NO new accounts on my report for about 2 years. That's the elephant in the room; I'd rather sit it out until after SOL before repairing anything; in fact the collection accounts may be beneficial in that respect by keeping my collect-ability score down. None of the CRA's have my employer info either and I plan to keep it that way, I appear to be self-employed. They mostly only get what you feed them in applications.

 

For real estate, there are always ways of getting around conventional mortgages if you have a large down payment. In particular, hard money lenders and sometimes commercial mortgages (for a business). You can sometimes get by without involving your own credit (and thus alerting the CAs), as long as the asset isn't in your name - cause they will also sue you if you appear to have assets, just use the homestead exemption if applicable to your own residence.

 

Anyway, APPEARING to be uncollectible/insolvent by not taking on any new credit and leaving your score low may be almost as important as actually being judgement proof, especially if you aren't judgement proof. I had the best luck not sending any contact (like DV) or receiving any calls from CAs. They tend to get bored and move on if your credit doesn't throw any alerts either. As long as you are watching out for default judgements if they sue, by the time many of them sue it's been sold several times and there is not enough evidence passed down the chain to make it suit worthy.

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Update: The other collector finally got alerted from the secured card application and THEY just checked my credit. I figure they will do a round of calling + sending a threat letter as well. Man, so not worth it for the $200 secured card. So tip to anyone who wants to avoid the irritation, just don't apply for anything at all, the results are often the same whether it's a card or a mortgage ...

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Just to add to this thread, I'd like to point out that the JDB's use this sort of thing as well, and if they see you getting approved for a lot of apps, you can expect that the phone calls will begin shortly. It doesn't matter how old the debts are; if they think the see a hint that you might have some money, they will be Johnny ion the spot to try and get some of it. Just an advisory.

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It seems a lot of their strategy is automated. You do an application => automated credit check on you + auto dialer + form mail. I'm sure they put you in buckets depending on your credit report. Since I have < $1000 in revolving showing and a bunch of derogs, it's not very interesting to them. Sallie Mae has always reported theirs negative, but they didn't check my report or contact me they just started updating balances each month as a trigger; so very little of the collector response actually involves people.

 

This leads me to believe there is a counter strategy (other than ignoring them): lower your score. The best temporary way to do that is to max out cards on a small revolving limit. A more dangerous method is to stop paying a small card until 90-120 days late reported, then pay it in full before it gets written off (but you probably won't be getting any loans in the next 2 years). A less dangerous way is just to close all open credit cards so that you have no revolving reporting, it seems your score caps out low like 600 without recent revolving accounts once you lose that component of the score (perhaps, having none in the last 6 months).

 

The long term strategy is to appear to have nothing. Meanwhile have your spouse/family apply for cards using your household income, build a positive history, then when your collection accounts are past SOL and resolved have them add you as an authorized user. Suddenly you have some years of positive history, multiple lines and some high credit limit (5k+) and you can use that score boost (+50, +100) to get your own cards. I think this is much safer than applying for credit to rebuild your own when collectors are after you - instead you want to play dead and broke.

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Does anyone have experience with how a change in status of a public record affects your "collection score"?

I have federal tax lien, but this question applies to judgments and other PRs.

Does the presence of a PR lower your collection score, and the removal of a PR raise your collection score?

---

I have several CAs and OC charge offs from credit cards that are $3000-$5000 each. They are all about three years into the six year Georgia SOL, and I am concerned that I could be sued - especially if my tax lien was helping me look uncollectible. (The calls and letters mostly stopped after I got the lien; the dogs are sleeping.)

 

 

My federal tax lien of $31,000 is still reporting with all three CRAs. The IRS has just released the lien as satisfied (not yet reporting). I have requested that the IRS withdraw the lien. My first thought was to try to leave the unpaid lien on my credit reports, so as to not wake and encourage the sleeping dogs while I am within the SOL for the other debt. However the helpful members who responded to this thread informed me that the CRAs will automatically report the release of the tax lien, so I can't play that game.

 

I will reply to this thread when the lien release (and later the withdrawal) hits my CRs, and let you know if this triggers any CAs to come out of the woodwork. :-(

 

-tweak691

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Does anyone have experience with how a change in status of a public record affects your "collection score"?

I have federal tax lien, but this question applies to judgments and other PRs.

Does the presence of a PR lower your collection score, and the removal of a PR raise your collection score?

---

I have several CAs and OC charge offs from credit cards that are $3000-$5000 each. They are all about three years into the six year Georgia SOL, and I am concerned that I could be sued - especially if my tax lien was helping me look uncollectible. (The calls and letters mostly stopped after I got the lien; the dogs are sleeping.)

 

 

My federal tax lien of $31,000 is still reporting with all three CRAs. The IRS has just released the lien as satisfied (not yet reporting). I have requested that the IRS withdraw the lien. My first thought was to try to leave the unpaid lien on my credit reports, so as to not wake and encourage the sleeping dogs while I am within the SOL for the other debt. However the helpful members who responded to this thread informed me that the CRAs will automatically report the release of the tax lien, so I can't play that game.

 

I will reply to this thread when the lien release (and later the withdrawal) hits my CRs, and let you know if this triggers any CAs to come out of the woodwork. :-(

 

-tweak691

 

Now, I'm wondering the same thing. Should I get my false judgement removed? Or will it bring CAs out?

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:rofl::rofl:

 

It's a pinned topic, for god's sake.

 

shouldn't need to be bumped.

 

This is true. But I had to throw a comment into this thread being that this is happening to me now lol.

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I totally agree about experian. The CAs must like them too because most of my hard inquiries from CAs are on Exp. It's so hard to get Exp to change anything. Unfortunately, as I continue with my credit repair process, my collection score continues to rise as I fend off the calls from the CAs

 

I FINALLY got EX to delete an address where I've never lived nor received mail...after 12 years!

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Just to add to this thread, I'd like to point out that the JDB's use this sort of thing as well, and if they see you getting approved for a lot of apps, you can expect that the phone calls will begin shortly. It doesn't matter how old the debts are; if they think the see a hint that you might have some money, they will be Johnny ion the spot to try and get some of it. Just an advisory.

 

Because 99% of consumers are completely unaware of their rights.

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I totally agree about experian. The CAs must like them too because most of my hard inquiries from CAs are on Exp. It's so hard to get Exp to change anything. Unfortunately, as I continue with my credit repair process, my collection score continues to rise as I fend off the calls from the CAs

 

I FINALLY got EX to delete an address where I've never lived nor received mail...after 12 years!

 

I've been told even a 25 yr old address can't be deleted because it is linked to some information in my account. Can't for the life of me figure out what I have in my account that is 25 yrs old.

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Why there is no incentive to correct any information, i think there must be a chance given to correct and rectify the mistake because it may give a second life line.

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I have a question - I've been doing credit repair for a while and my scores have improved and I've added good credit lines of relatively "high" amounts. Wouldn't that in itself trigger my collection score to go up? So if I have not had any zombie debts show up, what are the odds that there are others that would only come out for a mortgage app? I would think that suddenly having high credit lines would have alerted them a while ago.

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I have a question - I've been doing credit repair for a while and my scores have improved and I've added good credit lines of relatively "high" amounts. Wouldn't that in itself trigger my collection score to go up? So if I have not had any zombie debts show up, what are the odds that there are others that would only come out for a mortgage app? I would think that suddenly having high credit lines would have alerted them a while ago.

 

depends who's watching. - a mortgage App is a much larger issue

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CDIA has this passage about:

 

Implementing the New Risk-Based Pricing Regulation

 

Due to go into effect on Jan 2011.

 

I found the gov document for it, it's 62 pages long. Is this going to move into the required reading category?

 

(I'm never going to get out of the newbie section...lol)

 

http://edocket.access.gpo.gov/2010/pdf/E9-30678.pdf

 

Thank you for posting this, Miss Jules. Very helpful (and illuminating).

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Recently, I applied for a mortgage and out of the blue, LVNV reported a collection to my credit report for a debt that they purchased from another agency; which I disputed before and was therefore removed. I am due to close in 2 weeks. What can I do to get rid of this ASAP? I believe this agency subscribed to a monitoring service to aid in their decision to report. They have never contacted me regarding this debt.

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Recently, I applied for a mortgage and out of the blue, LVNV reported a collection to my credit report for a debt that they purchased from another agency; which I disputed before and was therefore removed. I am due to close in 2 weeks. What can I do to get rid of this ASAP? I believe this agency subscribed to a monitoring service to aid in their decision to report. They have never contacted me regarding this debt.

How much is it? If its only a few hundred it might be worth paying it off unless its bringing your score down below the lenders guidelines but talk to your loan officer.

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I just followed the business links....there's some scary stuff. I know that I will never voluntarily update my address, phone, etc,with the CRA's ever again. dry.gif

 

 

you don't have to update anything with the CRA's

 

if you file a change of adress with your CC or bank,

 

or apply for a CC or a loan

 

the OC will do it for you.

 

They have old information on me, except for my current address. Any phone #s they may have.. They won't be getting me that way... I am hip to their game.

I just got my Exp report after my latest disputes. It has my new land line number on it. I don't even know it. The only calls are from CAs. I feel like I can't even keep up with them. My collection score must be crazy high because they are coming out through the woodworks

 

I want to avoid being in that predicament. It seems having a low credit score can be an advantage sometimes.

 

I got I think two or three CAs mailed to me when my credit score was around 660. Now, at around 560 or so (lower until I pay down things??) - I hear nothing...

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In response to those posting above asking about getting judgements removed:

 

Me getting my 3 judgements removed from my reports did not increase the collection calls I was getting at that time (zero stayed zero).

 

However, getting a stupid Reward Zone Mastercard with a $300 limit got me a default judgment from a JDB suddenly (without ever being served!) that I had to pay a lawyer $1500 to get off my reports later (because I was never served!), and began the calls again.

Edited by GonnaGetEm

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